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In India, where the girl child often faces societal and financial challenges, the Post Office Sukanya Samriddhi Yojana (SSY) is a ray of hope. This government-backed savings scheme offers a secure and rewarding way to build a corpus for your daughter's future education and marriage expenses.

What is Sukanya Samriddhi Yojana?

Launched in 2015, SSY is a small savings scheme designed specifically for the benefit of girl children. It offers a high-interest rate, tax benefits, and a long tenure, making it an attractive investment option for parents and guardians.

Key features of Sukanya Samriddhi Yojana

  • Eligibility: The scheme is open for girl children up to the age of 10 years.
  • Account Opening: You can open an SSY account at any post office or authorised bank branch with a minimum deposit of ₹250.
  • Investment: You can deposit a minimum of ₹250 and a maximum of ₹1.5 lakh in a financial year in multiples of ₹50.
  • Interest Rate: The current interest rate for Sukanya Samriddhi Yojana is 7.6%. Interest is compounded annually, which helps your savings grow faster.
  • Tenure: The account matures after 21 years from the date of opening.
  • Tax Benefits: Contributions to Sukanya Samriddhi Yojana qualify for tax deduction under Section 80C of the Income Tax Act. Interest earned and maturity amount are also tax-free.
  • Premature Closure: The account can be prematurely closed only in case of the girl's death or marriage after she attains the age of 18 years.

Benefits of Sukanya Samriddhi Yojana

  • High Interest Rate: Sukanya Samriddhi Yojana offers a higher interest rate compared to other savings schemes, helping you build a larger corpus for your daughter's future.
  • Tax Benefits: The scheme offers tax benefits on contributions, interest earned, and maturity amount, making it a tax-efficient investment option.
  • Long Tenure: The long tenure of 21 years allows your savings to grow significantly through the power of compounding.
  • Government-backed: SSY is a government-backed scheme, which means your investment is safe and secure.

How to open a Sukanya Samriddhi Yojana account

To open an SSY account, you need to visit a post office or authorised bank branch and fill out the application form. You will need to provide the following documents.

  • Proof of identity of the parent/guardian
  • Proof of address of the parent/guardian
  • Proof of date of birth of the girl child
  • Aadhaar card of the parent/guardian and the girl child

Documents required for opening an SSY account

  • Proof of identity: Aadhaar card, PAN card, Voter ID card, Driving licence, Passport
  • Proof of address: Electricity bill, Water bill, Landline bill, Passport, Aadhaar card
  • Proof of date of birth: Birth certificate, School leaving certificate, Aadhaar card
  • Aadhaar card of the parent/guardian and the girl child: Aadhaar card is mandatory for both the parent/guardian and the girl child

Conclusion

The Sukanya Samriddhi Yojana is an excellent investment option for parents and guardians who want to secure their daughter's future. The scheme offers a high interest rate, tax benefits, and a long tenure, making it a rewarding investment for the girl child.

Some additional tips

  • Start investing early: The earlier you start investing, the more time your money has to grow.
  • Invest regularly: Try to invest a fixed amount every month or year.
  • Take advantage of the tax benefits: The tax benefits offered by SSY can help you save on taxes.
  • Use an SSY calculator: An SSY calculator can help you estimate the maturity amount of your investment.
  • Review your investment regularly: It is important to review your investment regularly and make changes as needed.

By following these tips, you can make the most of the Sukanya Samriddhi Yojana and secure your daughter's future.

Disclaimer

The information provided in this blog is for general knowledge and informational purposes only. It does not constitute financial advice. You should consult with a financial advisor before making any investment decisions.

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